Zakat deduction on bank accounts for Ramadan 2025 announced
The Ministry of Poverty Alleviation and Social Safety has announced the Zakat Nisab for the year 2025, specifying the deduction threshold for bank accounts.
The new regulations state that Zakat will be deducted from accounts with a balance of Rs179,689 or more on the first day of Ramadan, which falls on March 1 or 2, 2025.
The ministry has informed banks that Zakat will be applicable on saving accounts, and similar types of accounts, while current accounts will remain exempt.
Accounts with a balance lower than Rs179,689 on the first day of Ramadan will not be subject to Zakat deduction.
This decision aligns with the Zakat and Ushr Ordinance of 1980, which sets the guidelines for the collection and distribution of Zakat in Pakistan.
Earlier, the Chairman of the Islamic Ideological Council, Dr. Raghib Hussain Naeemi, has announced the guidelines for paying Fitrana (almsgiving) and Roza Fidya (compensation for missed fasting) for the current year.
According to the council's recommendations, a minimum of Rs220 per person should be paid as Fitrana based on wheat, while those opting for other forms of food products like dates, raisins, or dried apricots will be required to pay varying amounts.
Specifically, Fitrana for dates is calculated at Rs1,650 for raisins at Rs2,500 and for dried apricots at Rs5,000.
Dr. Naeemi emphasised that Fitrana and Fidya should be paid in accordance with one's financial ability. He reiterated that Fitrana is an obligatory charity for all Muslims—both male and female, free and enslaved—and must be given before the end of Ramadan.
The announcement also provided detailed calculations for those opting to pay based on different food items.
For example, the amount for 30 days of Fidya (compensation for missed fasting) is Rs6,600 for wheat, Rs13,500 for barley, Rs49,500 for dates, Rs75,000 for raisins, and Rs150,000 rupees for dried apricots.
Dr. Naeemi also highlighted the Kaffara (penalty) for deliberately breaking a fast, which involves either fasting for 60 consecutive days or feeding 60 needy individuals two meals each.
Additionally, individuals using subsidised government wheat flour can pay as little as Rs160 for their Fitrana and Fidya contributions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
05-07-2025
- Business Recorder
Pricing mechanism across country: DCs directed to analyse wholesale, retail prices regularly
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal directed all deputy commissioners of the provinces to compare wholesale and retail prices regularly and take corrective action where necessary. The minister urged the provincial governments to actively supervise and support this process. He also directed the Pakistan Bureau of Statistics (PBS) to provide login reports to chief secretaries on a monthly basis. Federal Minister for Planning chaired a meeting of the National Price Monitoring Committee (NPMC) in Islamabad on Friday to review the inflationary trends and pricing mechanism across the country. The meeting was attended by the chief economist, chief statistician, senior officials from the Ministry of Food and Agriculture, and representatives from relevant federal and provincial departments. He emphasised the importance of effective monitoring through the Price Scorecard system. He highlighted during the meeting that the chief secretary of Khyber Pakhtunkhwa accessed the system 114 times, while Sindh accessed it only 10 times, Punjab 6 times, and Balochistan did not log in at all. Among Deputy Commissioners, Islamabad logged in 27 times, Karachi 6 times, and Quetta 4 times. The minister expressed serious concern over the underutilisation of the Price Scorecard by provincial administrations. The meeting was informed that prices of several essential items, including LPG, bananas, mustard oil, chickpeas, and moong dal, have decreased. However, sugar prices have surged, reaching nearly Rs190 per kilogramme in most cities. The country has witnessed a decline in sugar production this year, with output falling to 5.8 million tons from 6.8 million tons. In response, the Ministry of Food has decided to import 0.5 million tons of sugar to stabilise the market. During the meeting, the Chief Statistician presented key data indicating that the inflation rate for the fiscal year 2024-25 stood at 4.5 per cent, significantly down from 23.4 per cent recorded during the previous year. Minister Iqbal highlighted this as the lowest inflation rate in the past nine years, reflecting the government's effective policy interventions and improved supply-side management. In urban areas, food inflation was recorded at 4.2 per cent, compared to 6.2 per cent last year. However, supply chain disruptions due to highway closures in Sindh were noted as a contributing factor in localised price fluctuations. Minister Iqbal also called for the development of an advance supply and demand plan for the upcoming Ramadan to avoid shortages and price hikes. He appreciated the stability in food prices during Eidul Azha and stressed the need to maintain this momentum through coordinated efforts among federal and provincial stakeholders. Copyright Business Recorder, 2025
Business Recorder
19-06-2025
- Business Recorder
PM forms body to promote cashless economy, digitization
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday formed a high-level committee to accelerate the country's transition towards a cashless economy and advance digital financial infrastructure. Chairing a review meeting on promotion of a cashless economy, Sharif said digitisation was among the government's top reform priorities, aimed at eliminating the informal economy and increasing transparency through digital payments and fund transfers. 'To promote a cashless economy, we are taking policy steps to encourage digital payments and money transfers,' he said. 'The federal budget includes proposals aimed at supporting this shift.' Pakistan govt's budget steps may hinder cashless economy drive: TOAP Officials from the Ministry of Finance and the Ministry of Information Technology briefed participants on the progress of digital transformation, including directives issued to traders to adopt digital payments and efforts to promote digital finance at the public level. To drive faster implementation, the prime minister announced the formation of a high-level committee that he will chair personally. The body will meet weekly to monitor developments in digitalisation and financial transparency. Sharif also pointed to the successful use of digital wallets for disbursing financial aid during the holy month of Ramadan. 'Beneficiaries received their entitled aid in a transparent manner without any human interference,' he said. Citing improvements in the country's economic indicators, the prime minister noted that inflation had declined and remittances had increased. He added that a bullish trend in the stock market reflected investor confidence in the government's economic direction. 'By the grace of Allah, the efforts of our economic team are bearing fruit,' he said. The meeting was attended by Finance Minister Muhammad Aurangzeb, Planning Minister Ahad Khan Cheema, Minister for Information Technology Shaza Fatima Khawaja, Federal Board of Revenue (FBR) Chairman Rashid Mehmood Langrial, and other senior officials. Copyright Business Recorder, 2025
Express Tribune
15-06-2025
- Express Tribune
K-P provincial budget lauded
Khyber-Pakhtunkhwa's Minister for Social Welfare, Zakat, Ushr and Special Education, Syed Qasim Ali Shah, has termed the provincial budget for 2025-26 as people-friendly and surplus, stating that the provision of facilities to the public has been given top priority. He said that it is a balanced budget in which comprehensive measures have been proposed for the improvement and development of all sectors. He expressed these views in a press statement. He further said that the budget allocated for the departments of Zakat, Ushr, Social Welfare, and Special Education has increased by 135%, bringing the allocation to Rs19.11 billion. The government has also outlined major projects for special children. Under a key project, centers for children affected by autism will be established at the divisional level at a cost of Rs1.2 billion. Similarly, five new campuses of the "Zamung Kor" institution are being set up for the care and upbringing of orphaned and underprivileged children, with Rs600 million allocated for this initiative.
